The Honda Motor Company announced Tuesday it will cut back on its previous investment plan for electric vehicle technology in response to its disappointment in the growth of the EV market.

TOKYO -- Honda Motor will scale back its electrification strategy, lowering planned investment through the fiscal year ending March 2031 by 30% to 7 trillion yen ($48.5 billion), the automaker announced Tuesday.

Under the new plan, Honda wants to launch 13 all-new hybrid models globally by 2031. Furthermore, in the second half of the decade, a hybrid system will make its way into several large models. The automaker expects to sell between 2.2 to 2.3 million hybrids by 2030.